Technological advancements have taken regular kitchen appliances altogether to a different level. Nowadays, smart kitchen appliances available in the market are integrated with sensors, which has boosted the market.
These appliances also offer easy operability and are energy efficient, which keep them ahead of traditional kitchen appliances in some respects. Moreover, growing energy prices are expected to fuel the demand for smart kitchen appliance in the forthcoming years. Rising disposable income in both developed and developing regions is also expected to benefit the market’s growth.
However, high cost incurred on initial set-up and maintenance may hamper the growth prospects of the smart kitchen appliances market. In addition, lack of awareness and hesitant customers are also restraining the growth of this market.
According to a recent report published by Transparency Market Research (TMR), the global smart kitchen appliances market is likely to rise at a healthy 29.1% CAGR during the forecast period between to 2022. The valuation of the global smart kitchen appliances market is expected to reach US$2.73bn (£2.08bn) by 2022 from a base of US$0.476bn (£0.363bn) earned in 2013.
Based on product type, the market is segmented into smart dishwashers, smart ovens, smart cooktops and cookware, smart refrigerators, smart scales and thermometers, and others including coffee machines. Among these, smart refrigerators segment held a larger share in terms of revenue in previous years. Efforts made by major manufacturers in using innovative technology to develop advanced refrigerators models led the growth of this market. In addition, in the coming years, smart ovens and smart dishwashers are also expected to grow at a significant rate.
The demand for commercial application segment is high in the hospitality sector. On the regional front, out of the five main markets of North America, Europe, Asia Pacific, Middle East and Africa and Latin America, it is North America that has so far held 39% of market share in terms of revenue. Thus, this region is expected to lead the market during the forecast period to 2022. This is due to the rising purchasing power and growing preference of the people in the region. Moreover, government initiatives to support the growth of smart kitchen appliances has also fuelled the demand in this market.
On the other hand, Asia Pacific is considered one of the key regions having the potential to grow in demand due to growing disposable income in this area.
The vendor landscape mentioned in TMR’s report details leading players in the market, including Electrolux, Samsung and Panasonic. These players have created their dominance by introducing innovative kitchen appliances to offer their customers and are estimated to do so in the forthcoming years too.